Anonymous and Timothy Harper,
1999, License to Steal : The Secret World of
Wall Street Brokers and the Systematic Plundering of the
American Investor. New York:
HarperBusiness. A former senior vice president and
stockbroker collaborates as a ghost-writer with a
journalist for this personal account of the highly
competitive world of Wall Street brokers, a world in
which the agenda is always the brokers profit and
never the needs of the client investor. Preface, pg.
viii: "Brokers dont make money, however, if
you buy and hold. Brokers make money by buying and
selling stocks on your behalf. Yes, they try to get you
to invest more and more with them, as much as you can.
But what about when youre tapped? When your
portfolio is maxed out, and theres no new money to
invest? The only way for brokers to make money is to sell
some of the stocks you own, and buy different stocks. If
the client makes money, too, thats wonderful. But
brokerage houses, big and small, exist primarily to make
money for themselves, not for clients. Brokers like to
present themselves as investment counselors. Some are.
But first and foremost, they are salesmen."

Belsky, Gary and
Thomas Gilovich, 1999, Why Smart
People Make Big Mistakes -- And How to Correct Them.
New York: Simon & Schuster. An introduction to the
new science of behavioral economics; How "mental
accounting" can help you save or cost you money; How
"loss aversion" and the "sunk cost
fallacy" lead you to throw good money after bad; How
the "status quo bias" and the "endowment
effect" make financial choices difficult;
"Money illusion," "bigness bias," and
other ways that ignorance about math and probabilities
can hurt you; Why "anchoring" and
"confirmation bias" lead you to make important
money decisions based on unimportant information;
"Overconfidence" and the price of thinking that
you know more than you do; "Information
cascades" and the danger of relying too much on the
financial moves of others; Principles to ponder and steps
to take.

Bernstein, Peter
L., 1996, Against the Gods : The
Remarkable Story of Risk. New York: John
Wiley & Sons. Accessible account of the history of
the measurement of risk in contrast to uncertainty and in
particular investment risk. Silent on the important
paradox-resolving Allais Paradox in discussion of the St.
Petersburg Paradox, and silent on the more appropriate
Stable Law distribution in discussion of normal or
Gaussian probability distributions of changes in stock
market prices. Addresses objective quantification and
subjective belief.

Bierce, Ambrose,
1999, c1911, The Devils Dictionary.
New York: Oxford University Press. The book title is a
misnomer. If devils speak illusions and angels speak
truth, then this is The Angel's Lexicon. Addressed by the
author to "enlightened souls who prefer dry wines to
sweet, sense to sentiment, wit to humor and clear English
to slang." See entries for delusion, education,
finance, folly, and fool.

Blalock, Hubert
M., Jr., 1979, Social Statistics,
revised 2nd edition. New York: McGraw -Hill. An
introduction to inductive statistics. The meaning of
"proof" varies according to context. In pure
mathematics, proof of a conjecture is established by the
method of logical deduction. In physics and biology,
proof of an hypothesis is established tentatively by the
method of controlled experiment. In the social sciences
such as economics, proof of an hypothesis is established
tentatively by the method of logical induction. Inductive
statistics applied to sociology is sociometrics, applied
to psychology is psychometrics, and applied to economics
is econometrics. See the listings for Peter Kennedy and
John Y. Campbell..

Bohm, David, 1957, Causality
and Chance in Modern Physics. Philadelphia:
University of Pennsylvania Press. I. Causality and Chance
in Natural Law, II. Causality and Chance in Classical
Physics : The Philosophy of Mechanism, III. The Quantum
Theory, IV. Alternative Interpretations of the Quantum
Theory, V. More General Concept of Natural Law.

Brandes, Charles
H. and Glenn R. Carlson, 1995,International
Value Investing : Making the Right Choice at the Right
Price. Chicago: Irwin Professional
Publishing. Follows the simple meaning of value investing
without calculating intrinsic economic value from the
expected dividends or cash flows.

Brill,
Hal, Jack Brill, and Cliff Feigenbaum, 1999, Investing with Your Values : Making
Money and Making a Difference. Bloomberg
Press. Guides you through the process of creating a
profitable, values-based portfolio. It blazes a new
trail, showing how we can bring our personal finances --
and the global economic system -- into alignment with our
highest values.

Coleman, Robert
D., 1996, Capital Market Efficiency
of Firms Financing Research and Development.
Ann Arbor, MI: UMI Dissertation Services.UMI
Dissertation Number 9624265. The major findings of this
original scholarly scientific research are presented in
working papers for academic peer-reviewed journals. They
include asset pricing circularity of size and related
factors, the R&D effect, and the proprietary R&D
effect. See abstracts, download, and author.

Colin, McLean,
October 1997,Cash Flow  The
Institutional Investors' Perspective,
speech at Cash and Corporate Value: A
Panel Discussion, Bank of England Museum. Scottish
Value Management Limited, Edinburgh. "In
summary, I believe that cash flow has become more talked
about by investing institutions than genuinely
understood. Companies need to explain that cash flow does
not necessarily equal cash. They need to communicate the
working capital characteristics of growth and avoid
burying essential cash flow data in footnotes to the
accounts. I believe that these changes could produce
improvements in share ratings and share price stability,
with the potential to reduce companys cost of
capital."

Colin, McLean,
June 1997, Understanding Investment Risk,
speech at PIMS Conference. Scottish Value Management
Limited, Edinburgh. "In conclusion, risk is
now big business, and we should not be surprised that an
industry is growing up round about it to meet this need.
However, if we wish to find out more about true risk,
rather than just subscribing to a superficial rating that
allows a compliance box to be ticked, we must recognise
that much of the work to date is neither scientific nor
useful. If you want genuinely to do your best to protect
your clients, and for that matter your business, you
should reject the specious nonsense that is implicit in
all but three of the statements I opened with. Look more
closely at investment processes."

Colin, McLean,
June 1997, Value Investing,
speech at PIMS Conference. Scottish Value Management
Limited, Edinburgh. "To sum up, the
investment approach I have described has enjoyed
outstanding long term success, but is not easy to apply.
Over the short term, it will frequently lose to momentum
investors, particularly in strong markets. Yet, while
human nature should ensure that the stockmarket always
offers opportunities for value investors, the unique
demands of the discipline make it unlikely that it will
ever be universally adopted. Thus, I see all the
ingredients for value investing to continue its success
in future."

Copeland, Tom,
Tim Koller, and Jack Murrin, 1st edition 1990,
2nd edition 1994, paperback 1995,Valuation :
Measuring and Managing the Value of Companies.
New York: Wiley. The method of valuation used by McKinsey
& Company. One 3˝ inch high-density floppy disk
included in 1994 edition. See Table of Contents for Third Edition
See the book listing for L. Peter Jennergren.

Damodaran, Aswath,
1994, Damodaran on Valuation : Security
Analysis for Investment and Corporate Finance.
New York: John Wiley & Sons. Discusses discounted
cash-flow valuation models, relative valuation models,
contingent-claim valuation models, and a framework for
choosing the right model for any occasion, based upon the
characteristics of the asset being valued. Includes
optional disk that contains 15 customizable spreadsheets
formatted for use with Lotus 1-2-3 Version 2.3 or higher.NOTE: These models include the beta factor and thus are pricing models rather than
valuation models. Damodaran introduces the beta pricing
coefficient as a measure of investment risk to determine
the equity risk premium for the cost of equity capital
used as the discount rate. The CAPM beta presumes
informationally -efficient markets and homogeneous
expectations among all market participants. This is a
convenient academic solution to the unavoidable
requirement of informed judgment that cannot be reduced
to quantifiable methods for use by any market participant
of any intelligence, knowledge, and judgmental ability.
For a summary of the Contents, see the practical models of equity pricing.

Damodaran on
Valuation, 1994 (Software).NOTE: These models include beta factor and thus are pricing models rather than
valuation models. Damodaran introduces the beta pricing
coefficient as a measure of investment risk to determine
the equity risk premium for the cost of equity capital
used as the discount rate.

Study Guide
for Damodaran on Valuation, 1994.NOTE: These models include the beta factor and thus are pricing models rather than
valuation models. Damodaran introduces the beta pricing
coefficient as a measure of investment risk to determine
the equity risk premium for the cost of equity capital
used as the discount rate.

Diamond, Jared, 1997, Guns,
Germs, and Steel : The Fates of Human Societies.
New York: W.W. Norton. Expands upon the theme of The
Third Chimpanzee : The Evolution and Future of the Human
Animal -- how the human species changed, within a
short time, from just another species of big mammal to a
world conqueror; and how we acquired the capacity to
reverse all that progress overnight. Explains how
the world came to be facing a man-made ecological crisis.
Complements Daniel Quinn's Ishmael which
explains why we came to be facing this crisis.

Erasmus,
Desiderius, 1989, 1536, The Praise
of Folly. Translated by Robert M. Adams.
New York, NY: Norton. A classical satire that combines
humor with attacks on human weaknesses and excesses
including those of academicians and fortune-hunters.

Finkelstein, Ken H.,
1998, The Tax Haven Guide Book,
Big Island Media Corporation. Overview to moving money
offshore for privacy, protection and tax advantage. The
details are time sensitive and change as new tax laws and
tax treaties are negotiated in and between nations.

Fridson, Martin
S., 1993, Investment Illusions : A
Savvy Wall Street Pro Explodes Popular Misconceptions
About the Markets. New York: John
Wiley & Sons.His healthy skepticism seems
to fail only when it comes to the integrity of academic
journal articles.